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D365 SCM/Finance - multiple companies in one tenant
You can review Microsoft's definition of external users on pg.41of the current D365 LG to ensure compliance:
If the users do not meet this definition and they're accessing D365 Finance, then that would require that you purchase an applicable D365 Finance, Team Members, etc. license for them to avoid multiplexing, which is also defined in the D365 LG on pg. 42.
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Microsoft CSP Licensing Concierge
- axperience_graJan 19, 2024Iron ContributorDear Licensing Concierge
I know we will have to buy licenses - the only question is, how this is being done properly (from which customer‘s tenant?)- LicensingConcierge1Jan 20, 2024Former Employee
Answer: On the same tenant that the users are accessing D365.
Guidance: Per pg.46 of the D365 LG that I referenced in my reply above. Here is a snapshot of pg.46 for your convenience:
License options: choose between the D365 Finance, Operations – Activity or Team Members user license based on your needs.
Hope this helps!

If this reply answers your question, please Accept as the solution to help the other members find it more quickly. Otherwise, please let me know if you need further assistance on this topic.
Regards,Microsoft CSP Licensing Concierge